Spark Energy has hired Jim Jones as its new CFO, replacing Rob Lane, who stepped down in May to become the CFO at PE-backed Sunnova Energy. According to a report in Reuters yesterday, Sunnova is planning an IPO.
Spark Energy (market cap $390 million) has its head office in west Houston. The company engages in the retail distribution of electricity and natural gas across 19 states.
The company didn’t have to look far for Mr Jones, as he has been a non-executive director since the company went public in 2014. His involvement with Spark goes back further than that as he was the Audit partner for Spark at Ernst & Young. More recently Mr Jones was a partner at Weaver Tidwell, a regional CPA firm, until November 2018. Since that time, he has been providing consulting services on an independent basis.
Mr Jones will receive a base salary of $300,000. He also received a grant of 30,000 restricted stock units, worth about $310,000 that will vest over 4 years.
Mr Jones has stepped down from the board of Spark.